Asian stocks hobbled by fading expectations for aggressive Fed rate cut

TOKYO: Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

On Wall Street, the S&P 500 lost 0.48per cent while the Nasdaq Composite dropped 0.78per cent, led by fall in Apple Inc. "The headline payrolls figures was pretty strong but wages were tepid, so on the whole a 25 basis-point cut would be justified as an pre-emptive move and I think the current market pricing is fair," said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.Investors' focus is shifting to Fed Chairman Jerome Powell's testimony before Congress later in the week for clues on monetary policy.The euro traded at US$1.1215, near Monday's low of US$1.

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